Wolves are looking to expand the capacity of Molineux to around 40,000 but they are yet to announce any formal redevelopment plans.

Councillor Neville Patten said: “Jez (Moxey) has praised Wolverhampton and said Wolves are looking to spend £40m. I understand they’re in talks with the University over buying some land at the back of Molineux as well.”

Wolves owner Steve Morgan bought Peal House, the former Carillion building on the corner of Waterloo Road, in January. The city council last night agreed to extend the lease to 999 years from 125 years.

Patten added: “This means any developers who may want to put money in know that their investment will last. It also prevents the stadium from being moved out of the city centre.”

Wolves are looking to expand the capacity of Molineux to around 40,000 but they are yet to announce any formal redevelopment plans.